Citigroup to Buy Wealth Manager from Morgan Stanley

Citigroup has agreed to buy wealth manager Quilter from rival Morgan Stanley as it seeks to expand in the UK, the companies said.

Quilter manages assets worth more than $11 billion (5.6 billion pounds), has 18,000 clients and employs 300 staff, said the companies, which did not disclose details of the transaction such as the price paid by Citigroup.

"Quilter is an important step in establishing a meaningful presence in the UK, with an excellent platform to support the further growth of our Private Bank and international Smith Barney businesses," said Todd Thomson, Chairman and CEO of Citigroup Global Wealth Management, in the Citigroup statement.